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How Long Before You Can Purchase Again, by Steve Westmark

by Steve Westmark

Hi. This is Steve Westmark, Counselor Realty. Thanks so much for watching my video blog this week. Many people go through difficult times in their life, and hopefully you haven’t, but maybe you know of someone that has. I’m going to give you four different items that can happen in a person’s life. One is a foreclosure can happen where they lose their house through foreclosure.

Second is called a deed in lieu of foreclosure. That’s where you find you’re upside down on the house. You just give the deed back to the mortgage company and it’s called a deed in lieu. Third is the area of short sale where a person sells their house on a short sale because they’re upside down on it, but the work something out with the bank and the bank forgives the difference of what they owed.

And the last two areas are what are called bankruptcy. There’s a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. What I’ve done is I have this chart here that was given to me that shows how long you have to wait under these different circumstances to get different types of mortgages. So as you’ll see across the top, there is FHA, which is Federal Housing Administration, which is a 3.5% down type financing.

VA financing. That’s for our veterans who can go zero down in purchasing. The USDA is a another type of financing. Fannie Mae/Freddie Mac is another type of financing, which is conventional financing. And the last one is called jumbo mortgages, and that’s for basically mortgages in the Twin Cities area over $417,000. Now if any one of these things have happened to you in your life, there are different years to deal with it.

So for instance, if you had a foreclosure on your record and you lost your home through foreclosure, you can get an FHA mortgage within three years. You can get a VA mortgage within two years, but it takes you seven years to get a conventional or a jumbo type of mortgage if you have a foreclosure on your record. The positive things that happen in the area of short sales is that you can find that if there are some changes that happened that in the short sale under a conventional mortgage it can be shortened up to five years rather than seven years.

But the other things remain the same in the area of short sale, VA, and other types of financing. Under bankruptcy, the Chapter 7 is two to three years, as you’ll see on this chart, but still four years on a conventional and seven years on a jumbo. And on a Chapter 13 bankruptcy, one year for the first three, two years on the Fannie Mae, but still seven years on the jumbo. These are all very important things to keep aware of as you’re trying to make decisions if you’re going through the process on how you want to affect your credit, but also planning.

If you’ve had these things in your life, what are the types of financing that I can do as I’m moving through and trying to get past this difficult time we have in our economy. I hope you gained some insight on this. Make it a great day. Thanks so much for watching.



For Sale By Owner by David Knox

by Steve Westmark 


STEVE:  Hi, this is Steve Westmark of Counselor Realty.  Thanks so much for watching my video blog this week.  I brought David Knox in, a very well known speaker and person that does consumer videos.  And the consumer video I’m going to have him talk about is selling your home by owner.  What would a person learn by watching this video, David?


DAVID:  Well, if someone is considering selling their own home, it’s pretty important to understand the process.  And this video gives an entire overview of the home selling process from marketing, prospecting, closing, and having the final sale.  And if you watch this video, it will help you understand the process and decide whether or not it’s something you’d like to do on your own.


STEVE:  Well, thanks for coming in today, David.  And be sure you go to our website.  At the bottom of this video blog you’ll find the link where you can go and see this video.  Thanks so much!



STEVE:  Hi.  This is Steve Westmark of Counselor Realty.  Thanks so much for watching my video blog this week.  This week, I’d like to talk to you about a designation called the accredited buyer representative or known as ABR.  There’s 168,000 of us out of a million in the United States that have gained this designation.  It’s specifically coursework that helps you in working with buyers and doing your best in representing a buyer in the transaction.

So there’s coursework that goes along with it, a minimum number of transactions that prove that you have worked with buyers and effectively helped them in the purchase and closing of their property.  So you as a buyer should look for an accredited buyer representative to help you in purchasing your home.  They will watch out for your best interest and will follow the guidelines and ethics that are required to make a positive transaction for you in real estate.

Thanks so much for watching today.  Make it a great day.  Bye.


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Contact Information

Photo of The Steve Westmark Team Real Estate
The Steve Westmark Team
RE/MAX Advantage Plus
14451 Highway 7 Suite 100
Minnetonka MN 55345
Fax: 952-241-1600